CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) September 4, 2008

THE CHUBB CORPORATION

(Exact name of registrant as specified in its charter)

New Jersey

1-8661

13-2595722

(State or other jurisdiction of

(Commission

(IRS Employer

incorporation)

File Number)

Identification No.)

15 Mountain View Road, Warren, New Jersey

07059

(Address of principal executive offices)

(Zip Code)

Registrants telephone number, including area code (908) 903-2000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

(c) On September 4, 2008, the Board of Directors of The Chubb Corporation (Chubb) approved the
election of Richard G. Spiro as Chubbs Executive Vice President and Chief Financial Officer. Mr.
Spiros election as Executive Vice President will be effective as of his October 1, 2008 start
date. Mr. Spiros election as Chief Financial Officer will be effective immediately following the
filing with the Securities and Exchange Commission of Chubbs Form 10-Q for the quarter ended
September 30, 2008.

Prior to joining Chubb, Mr. Spiro, who is 44, was an investment banker at Citigroup Global Markets
Inc., which he joined in 1999. He most recently served as a Managing Director in Citigroups
financial institutions investment banking group. Mr. Spiro has held a variety of other positions in
Citigroups financial institutions group, including Head of North America, Global Head of Insurance
Investment Banking and Co-Head of the Insurance, Asset Management, Exchanges and Processors Group.

Mr. Spiros annual base salary for 2008 and 2009 will be $750,000. He also will be eligible for
annual cash incentive compensation. For 2009, Mr. Spiro will receive a guaranteed cash bonus
payable no later than March 31, 2009 in the amount of $1,420,000. Mr. Spiro will receive an equity
award in the approximate amount of $2,650,000 in the first quarter of 2009 and, going forward, will
participate in Chubbs annual long-term stock incentive plan on the same basis as other similarly
situated employees. It is anticipated that 75% of the 2009 equity award will be in the form of
performance units (TSRs) and the remaining 25% will be in the form of restricted stock units
(RSUs). In each case, one unit is the equivalent of one share of Chubbs common stock. The
actual number of shares issuable pursuant to the TSR award will vary from 0% to 200% of the
original target award based on Chubbs total shareholder return relative to total shareholder
returns over a three-year performance period for the other companies in the S&P 500 Index. The
RSUs will vest, subject to continued employment, on the third anniversary of the grant date. RSUs
pay dividend equivalents at the same time and in the same amount as dividends are paid on Chubbs
common stock. In addition, Mr. Spiro will participate in Chubbs other compensation and benefits
programs on terms and conditions applicable to other similarly situated employees.

In recognition of Mr. Spiros loss of equity compensation granted by his previous employer, Chubb
has agreed to pay him $315,000 in cash within 30 days of his start date and to grant him, shortly
following his start date, a RSU award valued at approximately $3,717,000 on the date of grant. The
RSU award will vest ratably in three annual installments beginning January 31, 2009.

Chubb intends to enter into a change in control agreement with Mr. Spiro that generally will
provide for Mr. Spiros receipt of a severance payment equal to two times the sum of his base
salary and the average of his three most recent annual cash incentive awards in the event that,
within two years after a change in control of Chubb, Mr. Spiros employment is thereafter
terminated without cause by Chubb or by Mr. Spiro for good reason.

In
May 2007, Chubb settled a property damage claim made by Mr. Spiro in the approximate amount
of $320,000. The claim was made pursuant to an insurance policy underwritten by Chubb in which Mr. Spiro was a named insured. Chubb
adjusted and settled the claim in the ordinary course of its business on an arms length basis
consistent with its handling of claims for property damage made by
other insureds.